Interac connects directly to your bank account, withdraws the funds, and then deposits the funds into your casino account in a matter of seconds without revealing any banking information. Almost every online casino that accepts Canadian players will have the option to deposit via the ‘Interac Online’ or ‘Interac eTransfer’ products.
Interac can also be used for withdrawals at most online casinos, but not all, to transfer funds from the casino directly into your bank account.
Effectively, Interac is the middle man between you and your bank. It negates the need for wire or bank transfers but still allows you to use your bank account as your main source of finance. It also negates the need to keep funds in a separate e-wallet like Neteller or Skrill.
Furthermore, you do not need to give out your bank details as all transfers to and from your bank account use a safe, secure, and highly encrypted Interac payment portal.
- Interac is a payment gateway for Canadian citizens only
- The middle man between the casino and your bank account
- Can be used for deposits and withdrawals
- No need for a separate eWallet to fund your casino account
- You do not need to login to your bank account if you use Interac Online
Interac History: The Birth of Interac Corp
In 1984 the ‘Interac Association’ was established by several Canadian financial institutions in order to link banks and other financial services to a single network that can quickly and securely process financial transactions.
The first products released at this time were:
- Interac Flash®
- Interac® Cash
- Interac Debit
After the internet gave birth to the World Wide Web the ‘Interac Association’ was formed via its ‘Acxsys Corporation’ brand.
When Acxsys Corporation was formed, four additions service were added:
- Interac e-Transfer
- Interac Online
- Mobile payment solutions
- International services
Finally, in 2018 the two Interac business models merged under one roof under the name Interac Corp. Today, Interac is one of Canada’s most trusted online financial products and boasts more than 25.5 million active users every month.
Interac is not a financial institution and therefore does not fall under banking regulations in Canada. That said, Interac still falls under the business laws of Canada as it is a registered Canadian company. As for financial services regulations, the Candian banks that connect to Interac that are responsible as per the B2B terms and conditions agreed between Interac and participating financial institutions.
How Do Interac and My Casino Connect To My Bank Account?
The online casino will never connect to your bank account. When you trigger a transfer request, Interac’s third party window will open a pop-up window via a secure SSL encrypted connection. From here, Interac connects to your bank account and sends funds to the casino.
Interac offers multiple services to Canadians. There are three main Interac services used to deposit to online casinos.
Interac Online Services
If you bank with any of the following financial brands in Canada, then you will be able to make deposits and withdrawals at online casinos that accept Interac Online.
- TD Canada Trust
- RBC Royal Bank of Canada
- Dozens of Credit Unions
- First Nations Bank
Interac eTransfer Services
Interac eTransfer was designed for those that are not members of one of the four banks that use the ‘Interac Online’ service. Interac eTransfer connects to all banks as well as credit unions in Canada making it a seamless deposit method for Candian casino players, but this service cannot be used for withdrawals.
Interac Debit Card Services
If you have an Interac debit card, then you will be able to use your card as a payment option in the same way you would use any other debit or credit card.
How Do I Make an Online Casino Deposit Using Interac Online?
- In the cashier’s area select Interac as a deposit option
- Select ‘Interac Online’
- Enter the amount you want to deposit
- The Interac window will open
- Enter your Interac credentials
- Funds will be transferred to your casino account
How Do I Make an Online Casino Deposit Using Interac eTransfer?
- In the cashier area select Interac as a deposit option
- Select ‘Interac eTransfer’
- You will now be given the casino’s transfer details
- Log on to your internet banking
- Set up a transfer via email or eTransfer
- Enter the casino’s payee info
- Send the transaction with account ID in the message area
- Your casino will then be credited with the funds
How Do I Make a Withdrawal Using Interac?
Interac eTransfer cannot be used for withdrawals. However, some casinos allow players to use ‘Interac online’ for withdrawals.
- In the cashier area select Interac as a deposit option
- Select Interac
- Enter you Interac account details
- Click withdraw to finalise the transaction
- Wait for pending time to clear the transaction
What Language Options Does Interac Offer?
As both English and French are Canada’s native languages, Interac has developed its products to cater to both languages.
Is Interac Free?
It is free to sign up, and most casinos will not charge a fee when using Interac. However, you will need to pay a fee of around CA$0.115 to CA$0.265 directly to Interac for each transaction.
Benefits of Using Interac
Interac products allow you to use your bank account as your central financial facility to make free and instant deposits. If you have Interac online some casinos will also allow you to set up withdrawals. Meanwhile, you never have to reveal your bank details making Interac a safe and secure way to access funds in your bank account.
Drawbacks of Using Interac
Interac withdrawals are not available at every online casino, and the eTransfer product is not a withdrawal option. You may also incur some fees depending on your online casino.